| Bank owned foreclosures in Oceanside are not | | | | with them. First of all many short sales can take up to |
| always run down or boarded up like you may expect. | | | | six to nine months to close the deal. A lot of times it |
| Many banks lately have been putting a lot of work in | | | | can take up to six to nine months to even get a |
| to their properties before they put them up for sale. | | | | response from the bank. And many times, after |
| More and more foreclosure properties in Oceanside | | | | buyers wait for that response, the banks just reject |
| are starting to look very nice when they are sold. A lot | | | | the offer anyway. So the whole time they are waiting |
| of the time the homes will have new paint, new carpet, | | | | to hear about their offer many nice homes that they |
| landscaping done to the property, and any cosmetic | | | | would have liked to have purchased have come and |
| work needed to make the property look more | | | | gone and they end up with nothing but a lot of wasted |
| presentable. This has been the scenario for many | | | | time. This seems to be the case all the time with these |
| Oceanside foreclosures. This is great for buyers | | | | short sales. Although many banks have said that they |
| because they can buy a home from the bank and | | | | are going to start streamlining the short sale process |
| they do not need to do any work to it, they can just | | | | so that they can close in a reasonable amount of time, |
| move right in. This makes things a lot easier for buyers. | | | | at the moment this is not the case. |
| Instead of these Oceanside foreclosures only | | | | There should be a huge surge of Oceanside |
| appealing to investors, now they have a much broader | | | | foreclosures hitting the market in the near future. The |
| market. Some banks are still selling their properties "as | | | | amount of people who are in the process of loosing |
| is" and in this case there is usually a lot of work that | | | | their homes is staggering. According to an Oceanside |
| needs to be done to them before they would make a | | | | foreclosure website, there are almost 1000 homes in |
| decent home. These type of homes in Oceanside are | | | | the process of being taken back by the banks who |
| usually purchased by a builder or an investor who has | | | | have loans on them. There is also almost another 700 |
| money to put in to the property after they buy it. | | | | homes in the preforeclosure process which will also |
| With foreclosures in Oceanside being fixed up before | | | | probably also be taken back by the banks. These |
| they hit the market, getting loans on the properties is a | | | | numbers are for Oceanside alone. This means that |
| lot easier. Banks usually like a property to be in fairly | | | | there is going to be a flood of Oceanside foreclosures |
| good condition when they make a loan on it. This is | | | | that are going to hit the market in the near future. |
| also great for borrowers who are getting government | | | | There is a few reasons why so many people are |
| assisted loans to purchase their homes. Many | | | | loosing their homes in Oceanside. First of all a lot of |
| government programs like VA and FHA require the | | | | people, three to four years ago, who bought homes |
| properties they are lending on to be in a certain | | | | did so with adjustable rate mortgages (ARM)'s. These |
| condition. They usually need to have flooring | | | | loans have a very small payment at first, but after |
| throughout, all the electrical needs to be in working | | | | three years they adjust and increase tremendously. |
| condition and there can be no exposed wires | | | | Many of these loans are starting to adjust this year |
| anywhere. So unless the banks make the appropriate | | | | and next year and many borrowers can not make the |
| repairs to the properties, anyone using a government | | | | payments after they increase. |
| loan for financing will not be able to purchase the | | | | A lot of these borrowers used this type of financing in |
| property. Since the inventory of Oceanside is already | | | | the first place because they figured they would sell |
| low, the more homes that can be bought by these | | | | their homes or refinance their loans before they |
| loans the better. | | | | adjusted. When the real estate market crashed |
| The reason why most people think of foreclosures in | | | | nobody could sell their homes and since the homes |
| Oceanside to generally be beat up and in bad condition | | | | lost so much value so fast they could not refinance |
| is because in the past this was almost always the | | | | the properties either. This made a very bad situation |
| case. Banks used to always just sell their foreclosed | | | | for many homeowners who ended up loosing their |
| properties looking the way they got them. It seems as | | | | houses in Oceanside. Also, with the economy the way |
| though now more banks are repairing their properties | | | | it is, a lot of these homeowners were having a hard |
| and making them look a lot more presentable before | | | | time paying their house payment before their loans |
| they put them on the market to sell. Hopefully every | | | | adjusted. Which means after their loans did adjust, |
| bank will eventually follow this trend making buyers | | | | there was no way they were going to be able to |
| able to buy any Oceanside foreclosure with | | | | make the payments. This was a bad situation all the |
| confidence that it will be a nice place to live. This would | | | | way around. Hopefully once these Oceanside |
| be very valuable at the moment because there are | | | | foreclosures do hit the market they will not cause |
| not a lot of nice homes on the market that are not | | | | property prices to drop again since there will be so |
| short sales. | | | | many homes available. As of right now though, |
| There are a lot of reasons why buyers stay away | | | | Oceanside could use a lot more inventory. |
| from short sales, even though the market is flooded | | | | |